US SB2233 | 2013-2014 | 113th Congress

Status

Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on April 9 2014 - 25% progression, died in committee
Action: 2014-04-09 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012 and 2013 by: extending through 2013 the election to expense qualified disaster expenses (i.e., for removal of debris, demolition, and repair of business-related property); increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers; allowing through 2013 the deduction of losses attributable to disasters; allowing waivers of requirements relating to mortgage revenue bonds; extending through 2013 the additional allowance for depreciation of business property (bonus depreciation); allowing an increase in 2012 and 2013 of the new markets tax credit limitation amount within a federally-declared disaster area; permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty; allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster; allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters; providing a special rule to allow individuals affected by a disaster in 2012 or 2103 to claim a full earned income tax credit; increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster; permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs; allowing the issuance of qualified disaster area recovery bonds; allowing an additional allocation of the low-income housing tax credit in 2014 to states affected by a federally-declared disaster occurring in 2012 or 2013; allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status; allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; and allowing a tax deduction for payments to a tax-exempt natural disaster fund.

Tracking Information

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Title

National Disaster Tax Relief Act of 2014

Sponsors


History

DateChamberAction
2014-04-09SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB4497 (Related) 2014-04-28 - Referred to the House Committee on Ways and Means.
HB5082 (Related) 2014-07-11 - Referred to the House Committee on Ways and Means.
SB2634 (Related) 2014-07-22 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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